Insurers faced a pressing problem last year — a surge in home insurance claims following destructive floods in Kerala.
As applications for relief from devastated regions mounted, Reliance General Insurance decided to deploy a video conversation feature, used to process motor vehicle claims, to quicken claims processing.
Policy holders went on a two-way video chat to show the extent of damage to the surveyor.
The result: Claims got processed in three days from over two weeks earlier.
This is just one example of how insurers are using technology to simplify processes and use customer data efficiently.
Insurers are adopting AI powered platforms to help agents market the right policy, and setting up virtual branches and processing motor vehicle claims based on photographs.
Broadly speaking, they are using emerging technologies, including artificial intelligence, big data analytics and blockchain to transform IT systems.
“We took a blended approach and did a few home insurance claims on video on an experimental basis,” said Rakesh Jain, CEO, Reliance General Insurance, referring to the Kerala home insurance claims.
Source: Economic Times
